Ann: Quarterly Activities Report, page-11

So long as JOGMEC stays in the JV they will be paying up to $4m for 70% of the project and drilling will start in early september. I doubt JOGMEC will drop this project so close to first drilling. If drill results disappoint they might end the JV though.

We can expect constant newsflow in Q3 and Q4. In Q3 we will get Forrestania results and in Q4 we will get Caranbirini results. Furthermore I expect the Pilbara to heat up in Q3 and Q4 which should be good for MZN through its ownership of PAC shares and the Newman conglomerate potential. Furthermore there is a good chance that MZN will be able to find another partner for its Yalco project (Initial review and limited communication suggests that the withdrawal of the joint venture partner was more an internal decision based on budget focus than a reflection on the prospectivity of the [Yalco] Project).